Basic mortgage advice

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NoobLandlord

30 Posts

3 Thanks

Hello everyone,

I need some basic advice please regarding mortgages.

I am an overseas landlord and I currently own a property in UK (no mortgage) . I am also about to buy another one soon (cash buy, no mortgage either).

Now, say these two properties that I own worth around 500k GBP.Would it be possible to take a mortgage on them (say for 250k GBP split equally amongst the two properties) to buy a third property? Repayment of the mortgage could be done by rental income from the 3 properties.

Questions:

- Is the above idea even possible? If so what is it called exactly because I cannot find anything in those "online mortgage calculators". I guess I should contact the bank directly

-Whats the deal with overseas buyers that want to buy in UK? Can we even get a mortgage in a UK bank? Does it matter if I own property already? Or would my salary be the only factor?